Business Wire·Nov 11, 2026, 12:40 AM ET

RWE and KKR Join Forces to Deliver 2.8 Gigawatts of New Offshore Wind Capacity in the UK – An Investment of Around £12 Billion

Vanguard West and Vanguard East offshore wind farms will be fully commissioned in 2030 with a combined capacity of 2.8 GW to power approximately three million UK homes.
RWE & KKR have completed a 50:50 joint venture transaction, with KKR acquiring a 50% equity stake in each project.
The total investment for the projects & associated infrastructure is around £12 billion, supported by equity commitments from both partners.
Financial close has been reached for non-recourse project financing of £11.1 billion in cash facilities & £1.7 billion in ancillary facilities from 35 international banks.
The financing package includes a £1 billion commitment from the UK's National Wealth Fund, marking its first participation in a UK offshore wind project.
Each project secured a 20-year inflation-indexed Contract for Difference (CfD) at a strike price of £91.20 per megawatt hour in 2024 prices during Allocation Round 7.
Offshore construction is set to begin in early 2027, with foundation installation for Vanguard West planned for the first half of that year.
Onshore infrastructure works, including cable works & substation construction, are already well advanced.
The projects are located between 50 & 80 kilometres off the Norfolk coast in East Anglia.
UK Prime Minister Andy Burnham & Energy Secretary Miatta Fahnbulleh cited the investment as a vote of confidence in British homegrown energy, jobs creation, & energy security.